DRG Barometer – The Market

The Big 3 is a David Reid Group blog series designed to give you insight into the big issues in branding, marketing and selling. We break each topic down into 3 straight-forward points, so you can get the picture and get on with your day.

We’re starting a Big 3 series that’s a little different this month. Every so often at DRG we get the feeling that things are changing in WA; the economy, the market, industry trends, you get the idea – perhaps you’re experiencing it too. Right now is one of those times, so we want to take a moment to reassess the situation and offer a sales and marketing perspective. Our first Big 3 sets the scene for some big insights.

1.   What has changed?

We don’t take talking about a slow down in activity lightly. DRG has constant feedback from current and potential clients, as well as our extensive extended network, in a broad range of industries: we can’t help but feel the growing weight of conversations about business no longer booming. Of course, this is not equally true of all businesses, but for those affected, many have been taken by surprise. Sales and marketing is one of the busy industries as we field enquiries from companies looking for help to turn things around – and quickly.

2.   How are businesses responding?

Of the businesses affected, there are two types. Some have been working to a long-term strategic sales and marketing plan that invested in business growth through sales and marketing while the money was flowing. While these organisations may need to tweak their approach now circumstances have changed, their advance thinking has usually foreseen the decline of particular markets and they’re well on their way to new opportunities. For other companies, the recent boom period has meant that they could survive very well without a strategic outlook while the going was easy. Now, perhaps, under the pressure of circumstance and constricting budgets, they’re casting around for a quick fix at a low price – a new website, an advertising campaign. You think you know what we’re going to say next, don’t you?

3. The long and the short of it

The good news is, there is a lot you can do if you’re in this situation – it just doesn’t involve much marketing. Marketing is a good solution, and one that you will have to return to, but it’s only successful as part of a long term, strategic plan that will take solid investments of time and money. What can be done in the short term has everything to do with proactive sales and genuine relationship building and nothing to do with Facebook.

Want to know more? DRG’s next two blog posts will focus in detail on short and long-term strategies for maintaining and growing your company in a challenging sales climate.

 David Reid Group works in branding, sales and marketing in Perth, Western Australia.

 

 

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